Panasonic (6752): Investor Day: industrial AI to drive high-margin growth—upside not yet priced in

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Panasonic (6752): Investor Day: industrial AI to drive high-margin growth—upside not yet priced in

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Panasonic (6752)

Investor Day: industrial AI to drive high-

margin growth—upside not yet priced in

Maintain Rating: BUY | PO: 3,800 JPY | Price: 3,574 JPY

08 June 2026

Data center BBU and industrial AI as key themes Equity

Panasonic held an Investor Day on 8 June focusing on its device segment, a key growth

driver. Positives included: (1) a supply chain is being built based on Panasonic’s BBU Mikio Hirakawa >>

Research Analyst

system toward next-/next-next generation (800V DC), suggesting limited direct BofAS Japan

competition with power players; and (2) high-probability doubling of industrial AI-related mikio.hirakawa@bofa.com

sales over three years, already delivering ~20% OP margin. We see upside to market Mayako Ouchi >>

expectations for BBU’s medium-term growth, while earnings power of the industrial AI BofAS Japan

business is not fully priced in. We maintain Buy. mayako.ouchi@bofa.com

Energy: co-creation with power players on Panasonic-

based system Stock Data

Key takeaways: (1) A US supply chain is being established based on Panasonic’s system, Price 3,574 JPY

with a co-creation framework alongside power players (e.g., Delta, Lite-On) even in a

Price Objective 3,800 JPY

future 800V architecture; (2) vertical integration from PMI/CBU into in-house power

Date Established 19-May-2026

systems (DC/DC) should enhance BBU value-add; (3) BBU’s FY3/29 sales target of Investment Opinion B-1-7

¥950bn is a market commitment, with internal target >¥1tn; (4) award coverage for the 52-Week Range 1,411-3,994 JPY

¥950bn plan has increased from ~80% in May to nearly 100%. Reinforces conviction in Market Value (mn) 8,772,493 JPY

BBU as a structural growth driver.